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Bloomberg The Philippines central bank stepped in to encourage banks to lend to small businesses reeling from the economic fallout from the coronavirus pandemic. A new rule allowing banks to count new loans to micro-, small- and medium-scale enterprises as compliance with the reserve requirement is effectively a cut in the reserve ratio, central bank Governor Benjamin Diokno said. Banks ...

Bloomberg Most Asian economies will suffer their biggest blow from coronavirus containment measures in the second quarter of the year, even as the worst seems to have passed already for China, according to Morgan Stanley. Asia excluding Japan will see two consecutive quarters of contraction — the technical definition of a recession — as lockdowns and social-distancing norms are still ...

Bloomberg Bank of Russia Governor Elvira Nabiullina hinted at a bigger-than-normal interest-rate cut when the central bank meets next week, stressing that monetary easing is now the “main option.” “We are looking at different economic scenarios and weighing how much room we have to ease monetary policy and what size of steps we should take,” Nabiullina said in her final ...

Bloomberg Brazilian banks are snapping up a renewed wave of local corporate bonds after a sell-off sent yields soaring and left funds reeling from record withdrawals. As local bond spreads rise more than four-fold in secondary market, investors say companies in need of cash are opting to sell new debt directly to banks, which often charge lower yields than institutional ...

Bloomberg Boeing Co faces a quandary as it reopens its Seattle-area factories: how to keep its employees safe while minimising the use of protective gear that’s desperately needed for medical workers. The planemaker plans to limit scarce N95 masks for plant workers, relying mainly on cloth face coverings. In an April 9 letter to Washington state officials, Boeing cited new ...

Bloomberg India’s Aviation Ministry has asked airlines to take travel bookings only after a final decision on lifting or easing restrictions on domestic and international flights is announced. “The Ministry of Civil Aviation clarifies that so far no decision has been taken to open domestic or international operations,” Minister Hardeep Singh Puri said in a tweet. It wasn’t immediately clear ...

Bloomberg Macy’s Inc is exploring ways to use its real estate to secure fresh cash and ride out the coronavirus pandemic. The department store would issue new bonds backed by certain property and other assets to bolster its liquidity, according to people with knowledge of the situation. The Herald Square property wouldn’t be included. The interest rate and maturity of ...

Bloomberg With Covid-19 grounding flights, emptying hotel rooms, and turning popular destinations into ghost towns, this might seem the most futile time to think about frequent flyer miles and loyalty points. In mid-March, the US State Department issued a “do not travel” alert for the entire world. Travel is the last thing on most people’s minds, according to a survey ...

Bloomberg Struggling passenger airlines can turn planes into cargo-only aircraft provided they take steps to prevent fires and keep weight balanced, US aviation regulators said in new guidance. With passenger demand plunging to nearly zero, some airlines have begun carrying more cargo to provide revenue. The Federal Aviation Administration’s (FAA) guidance will allow them to carry it in what had ...

Bloomberg Shanghai Pehchaolin Daily Chemical Co, a Chinese skincare company that owns the 89-year-old premium beauty brand Pechoin, is in talks with potential investors for a minority stake sale, according to people familiar with the situation. Shanghai Pehchaolin has received interest from prospective investors including some private equity firms, said the people, who asked not to be identified as the ...